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International property | 27
The jewel in the
Mediterranean
Cyprus is increasingly perceived as
an ideal property investment location
by Amanda Sharples, Director,
AB Property Marketing
T
he capital city of Cyprus is reflects this very fact. What’s more, Nicosia’s Nicosia currently presents the perfect opportu-
Nicosia. Set inland almost in the community is young, it’s made up of students, nity for investors. “Those seeking strong and
centre of the island, it’s an incred- young professionals and families who all enjoy consistent rental yields as well as capital appre-
ibly historic city dating back the high standard of living, the great and var- ciation potential should take a closer look at
beyond 672 BC, and today it’s ied nightlife and the modern shopping malls Nicosia,” he says. “There is year round demand
packed full of fascinating archi- and amenities, many of which have only been in the city for quality accommodation, and
tecture and amazing relics from Cyprus’ absorb- completed in recent years. These people tenants are prepared and able to pay well for
ing past. The most obvious example of the demand high-grade, stylish accommodation, the right property type. What’s more, an
city’s past can be seen in the well-preserved and naturally their demands and tastes have investor can rest assured in the knowledge that
Venetian fortifications that were built in the driven forward the housing market in the city. demand is very broad in Nicosia, and it’s con-
16th century. The walls still encircle the The property market and subsequent invest- sistently strong because the city is developing
medieval part of the city to this day, ensuring ment opportunities in Nicosia differ to those and advancing its international reputation as a
that Nicosia is an important tourism destina- across the rest of the island. There are year financial and business hub, and as a centre of
tion in its own right. round buy to let opportunities at all levels of learning. This means increased numbers of
However Nicosia, or Lefkosia as it is known the marketplace, making it ideal as a centre for tenants come to the market each year pushing
locally, is more strategically important because all investors to consider, no matter what their up demand and squeezing supply. Naturally
of its role as the seat of government in Cyprus, budget. What’s more, the demand is based on this upside pressure on the availability of
for the fact that it’s also the business and solid fundamentals such as the fact that there accommodation units creates the perfect cli-
financial capital, it’s home to Cyprus’ main is a growing student base at the university. mate for rising property prices and increased
university campus, and is a retail and manu- There is constant demand from embassy staff monthly rental rates.”
facturing hub. Naturally all of these facts and governmental staff as well a steady and Aristo currently has two projects under con-
ensure that Nicosia is the most bustling and stable requirement for accommodation from struction in Nicosia that may prove attractive
populous city on the island, and that it has a international businesspersons. for investors targeting the rich buy to let oppor-
thriving international population making it an From the Engomi region of the city where tunities that the city boasts. The Anemone
ideal centre to target for buy to let property you have high-end real estate catering to the Court high-end apartment development is situ-
investment. many international embassy staff who reside in ated in Lykavitos, in the centre of Nicosia. Here
Accommodation options in Nicosia are Nicosia, to the city centre and its immediate tenant demand is high and real estate is there-
mainly modern and sophisticated, because suburbs where demand for apartments and fore constructed to appeal to local tastes.
despite its historical heart, modern day Nicosia penthouses is intense, there are opportunities Cyprus is undoubtedly a strong option
is a cosmopolitan, chic and sophisticated city for all investors. According to Martin Pearce, in any property investment professional’s
whose apartment and office architecture UK Sales Manager of Aristo Developers, investment portfolio.
www.investmentinternational.com July/August 2009 Investment International
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